The value of real estate transactions in Saudi Arabia grew by 8 percent year-on-year (YoY) to SAR 23.8 billion in the month ending Dec. 18 (Rabi Al-Awwal), new figures from the Kingdom’s justice ministry showed.

 

This value was the highest in 19 months, when it hit nearly SAR 28 billion.

 

Since Sept. 21 - which marks the Hijri year beginning - the total value of property deals declined 6 percent YoY, or SAR 3.5 billion, to SAR 56 billion.

 

Total Value of Real Estate Market Transactions (SAR bln)

Month

2016/2017

(1438)

2017/2018

(1439)

Variation

Sept.-Oct. (Muharram)

20.9

14.8

(29%)

Oct.- Nov. (Safar)

16.5

17.4

+5%

Nov.- Dec. (Rabi Al Awwal)

22.1

23.8

+8%

Dec. –Jan. (Rabi Al Thani)

17.2

--

--

Jan. -Feb. (Jumada Al Awwal)

16.7

--

--

Feb.- March (Jumada Al Thani)

19.6

--

--

March- April (Rajab)

17.8

--

--

April- May (Sha’ban)

19.0

--

---

May- June (Ramadan)

12.6

--

--

June- July (Shawwal)

11.6

--

--

July- Aug. (Dhul Qa’dah

21.6

--

--

Aug.- Sept. (Dhul Hijjah)

7.8

--

--

Total

203.3

--

--

 

In the one-month period, the value was driven by residential deals, which jumped 27 percent YoY to a 19-month high at SAR 16.2 billion.

 

Commercial transactions, however, fell by 18 percent to SAR 7.7 billion compared to the same period last year.

 

Total Value of Real Estate Market Transactions (SAR bln)

 

Residential

Commercial

Month

2016/2017

(1438)

2017/2018

(1439)

Variation

2016/2017

(1438)

2017/2018

(1439)

Variation

Sept.-Oct. (Muharram)

11.3

10.5

(7%)

9.6

4.3

(55%)

Oct.- Nov. (Safar)

11.2

12.9

+15%

5.3

4.5

(15%)

Nov.- Dec. (Rabi Al Awwal)

12.8

16.2

+127%

9.4

7.7

(18%)

Dec. –Jan. (Rabi Al Thani)

11.3

--

--

5.9

--

--

Jan. -Feb. (Jumada Al Awwal)

11.2

--

--

5.6

--

--

Feb.- March (Jumada Al Thani)

12.6

--

--

7.0

--

--

March- April (Rajab)

12.3

--

--

5.5

--

--

April- May (Sha’ban)

13.8

--

--

5.1

--

--

May- June (Ramadan)

8.8

--

--

3.8

--

--

June- July (Shawwal)

6.6

--

--

5.0

--

--

July- Aug. (Dhul Qa’dah

12.5

--

--

9.0

--

--

Aug.- Sept. (Dhul Hijjah)

5.2

--

--

2.5

--

--

Total

129.6

--

--

73.7

--

--

 

Land deals dominated, with SAR 20.9 billion worth of deals accounting for 88 percent of total real estate transactions. Agricultural land deals came second, amounting to SAR 974.7 million.

 

Real Estate Market Transactions by Type in Nov./Dec. 2017 (Rabi Al Awwal)

(SAR mln)

 

Residential

Commercial

Type

2016/2017

(1438)

2017/2018

(1439)

Variation

2016/2017

(1438)

2017/2018

(1439)

Variation

Plot of land

11,229.0

14,047.4

+25%

9,114.2

6,898.7

(24%)

Agricultural land

246.0

808.7

+229%

148.9

166.1

+12%

Apartment

922.0

935.5

+1%

22.7

36.7

+62%

Utility

60.2

21.5

(64%)

--

375.6

--

Shopping mall

12.6

21.3

+69%

15.0

148.7

+891%

Show room/shop

100.2

113.2

+13%

5.2

21.6

+315%

House

60.1

112.0

+86%

6.5

1.8

(72%)

Villa

106.6

83.9

(21%)

18.4

4.9

(73%)

Building

33.7

21.4

(36%)

25.6

5.4

(79%)

Chalet

1.6

1.3

(19%)

--

--

--

Palace

--

--

--

--

0.1

--

Total

12,771.9

16,166.1

+27%

9,356.5

7,659.7

(18%)

 

The capital city of Riyadh saw the most residential real estate transactions, amounting to SAR 6.01 billion— a rise of 45 percent YoY for the same month.

 

Jeddah came second with SAR 2.14 billion worth of deals, a 5 percent drop YoY.

 

Meanwhile, Riyadh also took the lead in commercial deals, which edged up 0.2 percent YoY to SAR 4.03 billion.

 

Real Estate Transactions in Major Cities in Nov./Dec. 2017 (Rabi Al Awwal) (SAR bln)

 

Residential

Commercial

City

2016/2017

(1438)

2017/2018

(1439)

Variation

2016/2017

(1438)

2017/2018

(1439)

Variation

Riyadh

4.15

6.01

+45%

4.02

4.03

+0.2%

Jeddah

2.26

2.14

(5%)

2.55

0.96

(62%)

Medina

0.49

1.45

+196%

0.31

0.61

+97%

Dammam

0.75

0.90

+20%

0.59

0.66

+12%

Mecca

2.08

1.13

(46%)

0.17

0.15

(12%)

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